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Media giant Time Warner (NYSE: TWX) reported third-quarter earnings this morning and issued a stronger outlook. During the quarter, earnings dropped 38%, thanks to declines at its AOL division (parent of BloggingStocks) and publishing segments. Excluding items, TWX's earnings checked in at 61 cents per share, topping the consensus estimate by 8 cents per share. Quarterly revenue slipped 6% to $7.1 billion, matching the consensus estimate. Looking ahead, TWX forecast adjusted earnings of at least $2.05 per share. This forecast is higher than the $1.98 per share the company issued earlier and the $2.02 per share that the Street expects.
As of 11 am, TWX was higher, trading in the $31 region. The problem here is that the equity's 20-month moving average is dropping through the $32 region. Since the middle of 2007, the shares have closed above this trendline once. This trendline's resistance has served as a catalyst for the stock's substantial decline.
The good news? TWX's 10-month moving average is in position to provide support. Further support is found in the form of TWX's 10- and 20-week moving averages. This dynamic duo has helped push the stock higher since October and it appears that it has garnered some strength through the course of this calendar year.
There is an interesting battle between these three layers of support and TWX's 20-month moving average. If the resistance is broken, there is room for the stock to run. Little potential resistance lies between TWX and its 50-month moving average, which is in the $42 region.
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